50/30/20 budgeting worksheet
50/30/20 budgeting worksheet
Track and visualize your income and spending for an average month to see how
it compares to an ideal budget. If you don¡¯t normally keep track of your spending,
using a budgeting tool like for a month might be helpful.
1.
Look at your spending for one month, and record your data on this page.
Then continue to step 2 on the next page.
Monthly Income:_______________________________________________
your average take-home pay for the month
NEEDS
WANTS
Housing:____________________________________ $
monthly spending on rent or mortgage
Other Spending:_____________________________ $
everything else you spend money on like restaurants,
bars, phone, cable, hobbies, personal care, shopping,
travel and other household spending
Utilities:____________________________________ $
monthly spending on electricity + water
+ gas + internet (excludes phone and cable)
Groceries:__________________________________ $
monthly spending on groceries
Healthcare:_________________________________ $
monthly spending on healthcare + health insurance
Transportation:_______________________________ $
monthly spending on car loan + car insurance + gas, +
public transportation
Childcare:___________________________________ $
monthly spending on childcare
Total Needs:_________________________________ $
add housing + utilities + groceries + healthcare +
transportation + childcare
SAVE
Savings &
Debt Repayment:_____________________________ $
what you have left over at the end of the month + money
you put towards paying off credit card debt, student loans
and any other debt
2.
On this page fill out the lines starting from the bottom. Then continue to step 3.
$
total monthly income
3.
After you¡¯ve filled in
the lines, color in the
value of your needs,
wants and savings
starting from the
bottom with needs.
They should equal
your monthly income,
and fill in the bar.
Savings and
debt repayment
$
monthly income x.9
$
monthly income x.8
$
monthly income x.7
Color Key:
$
monthly income x.6
Savings and
debt repayment
Wants
Needs
30% of your
monthly income
monthly income x.5
$
monthly income x.4
monthly income x.3
Then compare to the
50/30/20 budgeting
guideline. Ideally, this
is what you should be
spending each month
on your needs, wants,
and savings.
What you
should be
spending on
wants
$
$
4.
20% of your
monthly income
$
monthly income x.2
$
monthly income x.1
$0
What you
should be
spending on
your needs
50% of your
monthly income
................
................
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